3 takeaways from yet another weak jobs report (Video)

The private sector created only 126,000 jobs in September as businesses pulled back on hiring even before the government shutdown hit Oct. 1.

That's according to the Bureau of Labor Statistics' jobs report for September, which was delayed by more than two weeks because of the shutdown. Overall, the economy added 148,000 jobs in September, including 22,000 government jobs. The unemployment rate ticked down to 7.2 percent, the lowest rate in five years. But that's nothing to celebrate because labor participation rates remain low and more than 4 million Americans have been unemployed for 27 weeks or more.

Economist Douglas Holtz-Eakin, president of the American Action Forum, summed up the jobs report this way: "The September report showed that the labor market was weakening -- close to stall speed -- leading into the government shutdown and debt ceiling fight. To the extent that consumer confidence holds up, the economy will continue to muddle along, but downside risks are rising, and long-term, pro-growth policies are desperately needed."

Here are three other takeaways from Tuesday's jobs report:

You think September was weak? Wait until October's report

The effects of the shutdown didn't really show up in September's numbers, unless some businesses put hiring on hold because of the upcoming fiscal deadlines. The shutdown and debt ceiling fight, however, could depress hiring in October, because it wasn't resolved until Oct. 16.

In the mean time, consumer confidence took a hit, and business owners saw ample evidence that policy makers in Washington, D.C., aren't reliable partners.

In a blog post, Jason Furman, chairman of President Barack Obama's Council of Economic Advisers, said the "self-inflcted winds of the past several weeks … increased uncertainty and inhibited job growth."

The jobs report, he noted, "describes the economy more than a month ago. More recent indicators suggest the labor market weakened during the month of October."

The Fed won't stop tapering any time soon

The Federal Reserve surprised financial markets when it decided not to start tapering its bond purchases in September. Maybe Fed Chairman Ben Bernanke has been around Capitol Hill enough to know that a government shutdown and debt ceiling brinksmanship were more than just a possibility, they were a probability.

Now that those events occurred, and another tepid jobs report has been released, the chances are slim that the Fed will start tapering when Fed officials meet again in December. At least that's what Wall Street thinks: The Dow Jones Industrial Average gained more than 100 points Tuesday morning following the jobs report because investors think the weak numbers will convince the Fed to keep trying to pump up the economy -- and specifically stocks.

Washington needs a jobs agenda

Conservatives and liberals agree on one thing: Washington needs to start helping the economy instead of hurting it.

But they disagree on what policies need to be pursued in order to create more jobs in the U.S.

Republicans contend health care reform is impeding job growth, and they argue that loosening restrictions on domestic energy production would boost employment.

"And we need greater focus on real solutions that will strengthen the economy, like simplifying the tax code and lowering tax rates,” said Rep. Dave Camp, R-Mich., who chairs the House Ways and Means Committee.

Others, however, contend the government needs to spend more on programs that create jobs, such as rebuilding infrastructure.

"Washington needs to put into place policies that will get America back to work," said Scott Paul, president of the Alliance for American Manufacturing. "The neglect is glaring: 70,000 structurally deficient bridges. Math and science achievement down compared to other industrialized nations. And our economic competitors are not standing still."